'The club recognizes and respects FFP': AC Milan release statement on UEL exclusion
The Court of Arbitration for Sport (CAS) has issued a consent award ratifying AC Milan's (the "Club") voluntary acceptance of a one-year exclusion from UEFA Club competitions, in settlement of breaches of the UEFA Club Licensing and Financial Fair Play Regulations in the three-year periods 2014-2017 and 2015-2018," the statement said.
The current shareholder took ownership of the Club in July 2018, inheriting substantial accumulated losses after the previous owner of AC Milan defaulted on debt obligations. These losses and the associated violation of FFP rules, as a consequence of actions taken under previous ownership, led to sanctions by UEFA.
Whilst saddened by the fact that our fans will not be able to see their team compete in European competition next season, the Club recognises and respects FFP. The Club acknowledges it has no other choice but to accept the sanctions, as it seeks to forge a pathway back to full compliance.
AC Milan remains committed to restoring the Club to its rightful place at the top of European football. Today's ruling will act as a stimulus to maximize the efforts to become fully compliant with FFP, while at the same time consolidating the competitiveness of the Club, and returning AC Milan to sustainability and a more positive future.